Funding 365 adds resi bridging deal
Funding 365 has launched a residential bridging product.
The offering is available at up to a maximum 75% loan-to-value (LTV) and includes a monthly rate of 0.59% for the first six months.
From the seventh month, the products rate increases to 1.2% per month, up to a maximum of 18 months.
A borrower can request a loan up to £5m in size and secured against residential investment properties in England and Wales.
The product can be used in order to buy or refinance residential investment properties, carry out light to heavy refurbishments, exiting development projects and managing short-term cash flow.
The offering has a 2% arrangement fee, and legal and valuation fees at market rate.
Paul Weitzkorn, director at Funding 365, said: “Delivering the best possible solutions for borrowers is a passion for everyone here at Funding 365, so we are really excited to be launching this market-leading product.
“With all of our bridging loans, we refuse to add any admin or exit fees which can fly under the radar and really add up for borrowers. There are simply no hidden catches to this product.”